The BitPay Wallet is a self-custody wallet, meaning you are solely responsible for securing your cryptocurrency. Your funds are protected by your 12-word recovery phrase (also called wallet key or seed).
It is crucial to understand that BitPay does not store your recovery phrase or have any access to your funds.
If your device is lost, stolen, broken, or the app is uninstalled, you must use the original 12-word recovery phrase to restore your wallet. Without this recovery phrase, BitPay cannot recover your funds.
To create a BitPay Wallet, download the BitPay app:
- App Store (iOS)
- Google Play Store (Android)
- Microsoft Store (Windows)
- App Store (Mac)
- Snap Store (Linux)
After installing the app, launch it and complete the setup wizard to create your wallet and/or BitPay account. Before using your new wallet, it is extremely important to secure it by backing up (writing down) your 12-word recovery phrase. This phrase is the key to your wallet's security.
To create a new wallet key and wallet:
- Open the BitPay app and select the + icon
- Select New Key
- Select Backup your Recovery Phrase
- Write down and secure your recovery phrase, and then select Verify
- Verify words in your recovery phrase and then select Confirm
A new wallet key will now be available to use in the BitPay app!
To create a wallet under an existing key:
- Open the BitPay app and select the key where you'd like to add a new wallet
- Scroll down to + Add Wallet
- Select the specific type of wallet to add
Types of wallets offered in the BitPay app:
UTOX Wallet - single signer, used to manage wallet inputs and outputs to avoid high network fees (Bitcoin, Bitcoin Cash, Dogecoin, Litecoin, XRP)
EVM-Compatible Wallet - Ethereum and Layer 2 Networks (Polygon, Arbitrum, Optimism, Base)
Solana Wallet
Multisig Wallet - multiple signers for increased wallet security, requires multiple devices
Comments
0 comments
Article is closed for comments.